SAIL, CIL chase foreign coal mines
India's state owned companies Steel Authority of
India Ltd (
SAIL) and Coal
India Ltd (CIL) are looking for ways to increase their
coking coal production capacities to meet long term needs.
According to an announcement from
SAIL, the two companies are currently considering to form a joint venture in order to takoever some more
coking coal mines.
SAIL currently needs 10 million metric tons of
coking coal per annum for its steel
production. The company currently meets most of its needs from imports. Therefore,
SAIL and CIL are now considering to form a joint venture which will look for acquisitions in America and
Australia.
SAIL representative also told that they were in talks with some coal mines in
Russia,
Australia and
Poland.
In related news, local Indian media reported that CIL is currently checking some
coking coal mines in
Africa for investment. A team from CIL will soon visit
Mozambique, South
Africa and
Zimbabwe for possible mines.
SAIL and CIL had already submitted bid to take on
Mozambique Moatize coal project last year.